According to some news sites, owners of the legacy version would get a free copy of the updated terminal cut upon release; However I still only have the legacy version.
Where the sites mis-reporting this?

No, they were not misreporting. I have the first Terminal Cut installed through Galaxy, but there is an issue that the blues know about of which they are working on. While I do have it installed and my order history says that I have, and I quote, "BloodRayne: Terminal Cut Base" I don't see it in my library on the website. Which is what the blues know about. I am also unable to access the store page for Terminal Cut through Galaxy itself, which I assume the blues know about as well. Be patient and you will see it appear in your library on the site as soon as possible.

Edit: No longer says, and I quote, "BloodRayne: Terminal Cut Base" in my order history, but I am too lazy to delete the line in question but clearly not lazy enough to write this.

refresh your accounts:

https://www.gog.com/account/refresh

Be patient, if you own both classic games you should see that you do own the Terminal Cuts if you check your order history. There is a known issue that the blues are working on fixing, please be patient and you will see them in your library on the website as soon as possible. So much this!

That worked. Thank you.

Apparently the games don't show as owned if you visit the store pages, I guess that's what's making people be confused.

Thank You!

This kinda worked. Shows up in my library on the site, but not through Galaxy. Tried downloading the Galaxy installer, but Galaxy just refreshed and didn't do anything.
Guess I'll try later.

Didn't work for me. Bloodrayne II TC is showing up in both library and Galaxy, but Bloodrayne 1 TC is still only showing up in library.

However, if that's exactly what they're trying to fix, I understand, and I'm in no rush as long as I get it; just posting this in case it's helpful since refreshing seems to be working for others.

OK... I've got the same problem for the second game....
but they added both to my library...
now, I've installed the first game and after a few minutes, the game just "disappeared" from the library....
it is still installed on my pc, and it opens via Galaxy 2.0 after I click on the desktop icon ( that also got no more "custom icon")
But if I search for the game on the library it just don't show up...

I guess they are having some problem...

It is helpful, at least for me since that's exactly my issue. Thank you!
I'll wait for them to fix the problem.

It looks like it's just takinmg a while to propagate. If you wait a bit and refesh your account you should be good.

Glad I could help!

Also, Bloodrayne 1 TC is now in my library AND Galaxy, so hopefully the issue has been fixed now!